First Home Savings Account (FHSA) Calculator
Calculate tax deductions on contributions ($8,000/yr up to $40,000 lifetime) and tax-free growth for purchasing your first Canadian home.
Calculate tax deductions on contributions ($8,000/yr up to $40,000 lifetime) and tax-free growth for purchasing your first Canadian home.
Calculate tax deductions on contributions ($8,000/yr up to $40,000 lifetime) and tax-free growth for purchasing your first Canadian home. Calculate exact, penny-accurate projections compliant with 2026 CRA • Bank of Canada standards using Calconova's deterministic IEEE-754 (Decimal.js) calculation engine with instant breakdowns.
Total Tax-Free Down Payment Available
$107,802.55
FHSA Account: $47,802.55 | RRSP HBP: $60,000.00
Total Income Tax Refund Savings
$15,200.00
From FHSA deductions
Tax-Free Investment Growth
$7,802.55
Contributed: $40,000.00
Total Down Payment = FHSA Balance (Tax-Free In & Out) + RRSP HBP ($60k)Calculates maximum annual contributions ($8,000/yr up to $40,000 lifetime), compound tax-free growth, income tax deductions, and combined purchasing power.
All calculations, amortizations, and scenario projections displayed on this page are strictly for informational and educational purposes. Nothing herein constitutes investment, financial, tax, or legal advice. Actual CRA tax brackets, provincial taxes, Bank of Canada rates, and lender criteria may vary. Calconova explicitly disclaims all liability for any decisions taken based upon these calculations. Consult a qualified financial advisor or CPA prior to executing financial commitments.
The FHSA (First Home Savings Account) combines the tax deduction of an RRSP on the way in with the completely tax-free withdrawal of a TFSA on the way out when used to purchase a qualifying first home. You do NOT have to repay the withdrawal, unlike the RRSP Home Buyers' Plan.
Yes! You can combine up to $40,000+ in FHSA savings with up to $60,000 from the RRSP Home Buyers' Plan (increased to $60k in 2024), allowing an individual to withdraw over $100,000 tax-free towards their first home down payment ($200,000+ for a couple).
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